Healthcare & fitness platform CureFit set to launch freemium model in few weeks

Founded by former Myntra and Flipkart executives Mukesh Bansal and Ankit Nagori last year, CureFit has made four acquisitions besides investing in online psychotherapy platform SeranitiPayal Ganguly | ET Bureau | May 01, 2017, 08:38 IST

Online healthcare and fitness platform CureFit is set to launch its freemium model in a few weeks, looking to hook users through targeted health content, fitness studios and health-food outlets.

Founded by former Myntra and Flipkart executives Mukesh Bansal and Ankit Nagori last year, CureFit has made four acquisitions besides investing in online psychotherapy platform Seraniti. "We are on the lookout for more acquisitions in early-stage companies," said Bansal.

"We met close to 25 companies in the sector and had conversations around partnership and acquisition, apart from trying to understand the space," he told ET . "The investor interest in the space is high as the health and fitness sector is set to expand in the next five years. There are close to 50 companies in the preventive and fitness sector as of now."

CureFit had raised $15 million from Kalaari Capital, Accel and IDG Ventures in 2016 apart from $3-million capital pumped in by the promoters. The company has spent less than $1 million acquiring early-stage companies to build out the platform, Bansal said. "Currently, we are focused on Bengaluru and want to prove the product-market fit," he said.

The acquisitions were mostly based on mixed cash-and-equity deals have been scaled up for fitness centre Cult, which had eight centres and five others under development as part of the capex-heavy fitness studio vertical. CureFit also acquired Tribe Fitness and rebranded its two outlets to Cult. "The acquisitions have brought in good people to work with and we have also hired mid-management level employees to head various operations," Bansal said.

"With our investment in Seraniti, which is an online platform offering psychotherapy, Dr Shyam Bhat will also work closely with the content creation team," he said. CureFit also acquired the core three-member team of last-mile delivery company Opinio and health food delivery firm Kristys Kitchen to enter the nutrition segment, delivering health-food services at its fitness studios and across.

"We will also tie up with hospital partners eventually for a fitness and preventive health perspective," Bansal said.